NMIRF’s ’98 earnings drop 50%

Posted on Jan 18 1999

The Northern Mariana Islands Retirement Fund’s earnings for 1998 fell more than 50 percent, to $22 million, records showed.

The drop was due to the global economic crisis, said NMIRF technical analyst Mark Aguon in a report. The Fund recorded a $47.7 million profit in 1997.

The Fund has investments in government securities and equities in U.S. and Asian markets.

The Fund has, as of Oct. 31, 1998, total assets of $292.92 million.

Acting Fund Administrator Fred Camacho said he hoped that investments would fare better this year.

“There’s really no hard facts to indicate otherwise. But I think the trend is for us to get more money. I think everybody is anticipating that this year will be better,” Camacho said.

Last year’s poor showing contrasted a bullish performance in 1997, when the Fund earned $47.67 million in profits — nearly triple the gain realized the year before that.

McGwire’s 70th sells for $3 Million

902 talks begin •CNMI debunks Stayman’s claim of ‘agreement’ on immigration

Disclaimer: Comments are moderated. They will not appear immediately or even on the same day. Comments should be related to the topic. Off-topic comments would be deleted. Profanities are not allowed. Comments that are potentially libelous, inflammatory, or slanderous would be deleted.